Sandy’s Small Business Victims: We Don’t Want Loans!

“Money,” said Mike Ikhmies, the owner of commercial printing firm Eye Graphics & Printing. “We need money.” Ikhmies said he carries fire, theft, liability and other coverage on his 13-year-old printing business. But when it came to flood insurance, the only coverage he could find had sky-high premiums and a too-small coverage cap.

“They only went up to half a million,” he said. “The equipment cost $4 million, $5 million. What good would half a million do if things got damaged?”

Ikhmies sealed his building up as Sandy approached, but floodwater pushed through the windows, covering all of the shop’s printing presses

If he signed up for a half a million dollar policy to cover his 5 million dollar operation, wouldn’t you call that a stupid decision? He should’ve had a policy that covers 5 million dollars worth of equipment, not half a million.